"We Envision Growth Strategies Most Suited
to Your Business"

Smart Elevators Market to Reach USD 38.27 Billion by 2027; thyssenkrupp Acquires Nashville Machine Elevator to Expand its Presence in Tennessee

September 11, 2020 | Machinery & Equipment

The global smart elevators market size is expected to experience a significant growth by reaching USD 38.27 billion by 2027. This is attributable to the growing demand for energy-efficient elevators across the globe. Fortune Business Insights published this information in its latest report, titled, “Smart Elevator Market Size, Share & COVID-19 Impact Analysis, By Setup (New Deployment, Modernization and Maintenance), By Installation (Low & Mid Rise and High Rise), By Carriage (Passenger and Freight), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 18.75 billion in 2019 and is projected to exhibit a CAGR of 9.1% between 2020 and 2027.


thyssenkrupp Announces Acquisition of Nashville Machine Elevator to Expand its Presence


In May 2020, thyssenkrupp announced the acquisition of Nashville Machine Elevator that propels it to increase its presence across Tennessee, USA. The acquisition with an undisclosed amount is expected to lead to the expansion and growth of thyssenkrupp Elevator’s products and services in North America. Additionally, the company has announced that it will build the first-ever tallest smart elevator as a part of its new headquarters in Atlanta, U.S.


“Among one of our most trusted distributors, Nashville Machine Elevator has on a consistent basis showcased its commitment and expertise to our state-of-the-art smart elevators technology and services.”, says Steve Wedge, Interim CEO, thyssenkrupp Elevator. Similarly, the other companies are focusing on acquiring other players in a bid to boost their sales revenue. This is expected to bode well for the growth of these elevators market during the forecast period.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/smart-elevator-market-102369


Growing Demand for Energy-efficient Elevators to Promote Growth


The mechanical geared elevators consume a large amount of energy that leads to high operating costs. Owing to the increasing environmental concerns and the surging demand for energy-efficient businesses, the manufacturers are focusing on producing smart elevators that reduce operational costs and increase productivity. For instance, the adoption of innovative permanent magnet synchronous (PMS) gearless traction machines technology results in 50% less consumption of energy than conventional elevators. In addition to this, they are compact, light, and agile and the increasing adoption of these machines is expected to contribute to the growth of the global market in the forthcoming years.


Merger and Acquisition by Major Companies to Strengthen Their Market Positions


The global smart elevator market is fragmented by the presence of major companies such as KONE Corporation, Hitachi Ltd., and Schindler, among others. They are focusing on acquiring other small companies to expand their presence and consolidate their position in the fiercely competitive global marketplace. Furthermore, the adoption of strategies such as partnership, collaboration, and the introduction of new products by key players are expected to contribute to the growth of the market in the forthcoming years.


Industry Development:



  • May 2019 – Prescient announced its collaboration with Kone Corporation that involves the development of fully-integrated smart building solution in North America. This collaboration is aimed at developing smart type of elevators and other energy-efficient solutions.


List of the Companies Operating in the Market:



  • KONE CORPORATION (Espoo, Finland)

  • Otis Elevator Company (Connecticut, USA)

  • Schindler (Ebikon, Switzerland)

  • thyssenkrupp Elevator Technology (Essen, Germany)

  • Hitachi Ltd. (Ibaraki, Japan)

  • Mitsubishi Electric Corporation (Tokyo, Japan)

  • Bosch Security Systems (Grasbrunn, Germany)

  • Fujitec Co. Ltd. (Hikone, Japan)

  • Toshiba Elevator and Building Systems Corporation (Tokyo, Japan)

  • HYUNDAI ELEVATOR CO., LTD. (Gyeonggi-do, South Korea)

  • Johnson Controls Inc. (Cork, Ireland)

  • Motion Control Engineering (Alaska, United States)


Further Report Findings:



  • North America is expected to dominate the global smart elevators market and hold the highest position in terms of revenue during the forecast period. This dominance is attributable to the increasing investment by the major companies to develop these elevators and the growing restructuring projects in countries such as the U.S. between 2020 and 2027. The region stood at USD 6.33 billion in 2019.

  • Asia-Pacific is expected to experience a significant growth owing to the presence of a large geriatric population and stringent government regulations to promote energy-efficient products that are propelling the demand for these elevators in the region.

  • The new deployment segment, based on by setup, is expected to remain at the forefront owing to the increasing focus on developing green infrastructure standards across the globe. The segment held a market share of about 41.7% in 2019.


Table of Segmentation:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Setup



  • New Deployment

  • Modernization

  • Maintenance



By Installation



  • Low & Mid Rise

  • High-Rise



By Carriage Type



  • Passenger

  • Freight



By Application



  • Residential

  • Commercial

  • Industrial



By Region



  • North America (the U.S. and Canada)

  • Europe (U.K., Germany, France, and the Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia and the Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)


Smart Elevator Market
  • PDF
  • 2019
  • 2016-2018
  • 160

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

Our Clients

Nikon
Petronas
Lg
Ipsos
Softbank
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X